Does a side job/business improve your finanical stability ?

[boyptc]

We need to own a business if we want to keep becoming capable to pay bills and do other things. We can't rely on a single job to become financially capable, we need multiple jobs or our own business that we can build to become well responsible and business and financially sufficient. The world is becoming more difficult for people to leave and inflation is increasing everyday so we need to be prepared.

Not really owning a business but as you've said having multiple jobs.

You can be employed with several employers as a freelancer and work with all of them with the same skill that you've got. But to be on this type of situation will require you vast experienes and confidence that you can deliver what the clients are asking you.

For skilled people, specially those that have in demand skills, they're the most desirable in the gig marketplace as they're like the performance/output based jobs.

[Cryptomultiplier]

Yes, it does especially when your job does not come with a high income.  Not everyone is lucky enough to get a high paying job so having a side job to generate extra income to support your main income always helps. I know it has help me and improve my financial status for some extent. Besides, earning extra cash aside from your salary comes with certain feeling if you know what i mean.  

Side jobs can always be an advantage even if we have a good main source of living, especially if it’s also sustainable and is giving us significant profits. But it also depends on how we will manage our funds that will make us financially stable because no matter how profitable our side jobs are, once we never know how to manage and budget our funds, we will never be financially stable and will still struggle with our finances.

One other point I think worth considering when checking if a side job/business is a determinant to improved financial stability is that of the mindset and also mental health. The task of attaining financial stability is one which requires a disciplined frame of mind to keep up with the stress and maintain balance overall. Where this is not balanced, it could cause mental health problems and money must be spent on health care to get better.
The presence of a partner could help ease the stress level of side job/business, also a side job or full-time work that does not have much stress would aid in improved financial stability. A person who is happy spends less.

[carlfebz2]

Yes, it does especially when your job does not come with a high income.  Not everyone is lucky enough to get a high paying job so having a side job to generate extra income to support your main income always helps. I know it has help me and improve my financial status for some extent. Besides, earning extra cash aside from your salary comes with certain feeling if you know what i mean.  

Side jobs can always be an advantage even if we have a good main source of living, especially if it’s also sustainable and is giving us significant profits. But it also depends on how we will manage our funds that will make us financially stable because no matter how profitable our side jobs are, once we never know how to manage and budget our funds, we will never be financially stable and will still struggle with our finances.

One other point I think worth considering when checking if a side job/business is a determinant to improved financial stability is that of the mindset and also mental health. The task of attaining financial stability is one which requires a disciplined frame of mind to keep up with the stress and maintain balance overall. Where this is not balanced, it could cause mental health problems and money must be spent on health care to get better.
The presence of a partner could help ease the stress level of side job/business, also a side job or full-time work that does not have much stress would aid in improved financial stability. A person who is happy spends less.

If you are trying to avoid stress then having a side job isnt really for you because you do really need to be out of your comfort zone if you are really that tending to have a financial stability because no one are the
ones who had stayed up on their comfort space unless if  you are really that rich cause of inheritance then this wont be an issue but if not then you would really need to grind up to place yourself on the top spot.

You would be needing to face up lots of challenges and stressful ones for you to commit or achieve such success.Although it wont really be that simple but it is really that part of the process.

You cant just make yourself into the top spot if you dont do hard work and dedicative actions or works which i could say that it would really be that normal.

[blockman]

That is correct -our lives have been affected by the COVID and I am still not being able to settle myself.
I don't search for jobs anymore because I have lost trust in jobs.

Why would you lose your trust in jobs? Have you been scammed by a job posting? Why would you not trust them if they're from a legitimate company and business establishment that's hiring?

I want to run my small business. .. and would never work for anyone else - that is for sure

That's what many are wishing for but when you have started to build your business, you'll have to endure the hardship of building and maintaining it. When are you going to start your small business then? If you don't want to work for others, owning a business is certainly for you, and not just that, having investments that generate passive income too although this is also for everybody, employee or not.

[iv4n]

...
For skilled people, specially those that have in demand skills, they're the most desirable in the gig marketplace as they're like the performance/output based jobs.

Skilled people will find a job more easily, and if their skill is in demand, they will find a well-paid job more easily. But in the end, there are always jobs, more or less paid, for those who want to work and improve. Those who do not want to work will only find excuses.

A side job can improve financial stability but it's exhausting. I combined two or more works when I was younger, but just when I needed more money for some of my plans. The last time when I needed some extra cash was 4-5 years ago... juggling between two jobs and a family (wife and one kid at that time) was physically and mentally difficult, it's a different experience when you simply can't get enough rest, and for sure you can't provide enough attention to your family.

A side job/business can improve financial stability, but it's not something that someone should do for a long time... it consumes a lot of time and energy, and if you overdo it your private life will suffer (your family (wife and especially kids) even more if you have them). I guess we all need some balance in life, it's hard to find it, but it's there.

[Erumo]

I good investment is more preferably than kill your back on two or three jobs. The chances of failing on both due to exhaustion is more than becoming an expert in one job and earn more as a professional. Train one thing, become a master of it and set your own price for your work and experience. That is more stability than balancing between two jobs.

[Cryptock]

...
For skilled people, specially those that have in demand skills, they're the most desirable in the gig marketplace as they're like the performance/output based jobs.

Skilled people will find a job more easily, and if their skill is in demand, they will find a well-paid job more easily. But in the end, there are always jobs, more or less paid, for those who want to work and improve. Those who do not want to work will only find excuses.

A side job can improve financial stability but it's exhausting. I combined two or more works when I was younger, but just when I needed more money for some of my plans. The last time when I needed some extra cash was 4-5 years ago... juggling between two jobs and a family (wife and one kid at that time) was physically and mentally difficult, it's a different experience when you simply can't get enough rest, and for sure you can't provide enough attention to your family.

A side job/business can improve financial stability, but it's not something that someone should do for a long time... it consumes a lot of time and energy, and if you overdo it your private life will suffer (your family (wife and especially kids) even more if you have them). I guess we all need some balance in life, it's hard to find it, but it's there.

Mostly people are taking courses for skills development - my skills have save me during COIVD and my degree went into drain

[Russlenat]

To make a living, we must work. In uncertain days like now facing the global economic downturn, a stable job with high income becomes a scarcity. A side job or business seems like more necessary than ever, which can minimize the risks of losing your current job, ending up pennyless. However, a side job/business also takes time and efforts and can never be attained whenever we need it. What did you do or will you do in order to ensure your finanical stability despite all unfavorable circumstances ?

Side jobs are always an edge to make ends meet more possible and to gain financial stability, especially in the present economic situation wherein everyone is struggling with money. So we need not to focus only on a single job but learn to embrace more jobs as long as you can manage your time, and you have the capabilities and skills to work on it. While most of the people are facing financial struggles, some wise men too are embracing a lot of opportunities to earn and gain outside their main job. Its more on a matter of proper time management.

[boyptc]

...
For skilled people, specially those that have in demand skills, they're the most desirable in the gig marketplace as they're like the performance/output based jobs.

Skilled people will find a job more easily, and if their skill is in demand, they will find a well-paid job more easily. But in the end, there are always jobs, more or less paid, for those who want to work and improve. Those who do not want to work will only find excuses.

A side job can improve financial stability but it's exhausting. I combined two or more works when I was younger, but just when I needed more money for some of my plans. The last time when I needed some extra cash was 4-5 years ago... juggling between two jobs and a family (wife and one kid at that time) was physically and mentally difficult, it's a different experience when you simply can't get enough rest, and for sure you can't provide enough attention to your family.

A side job/business can improve financial stability, but it's not something that someone should do for a long time... it consumes a lot of time and energy, and if you overdo it your private life will suffer (your family (wife and especially kids) even more if you have them). I guess we all need some balance in life, it's hard to find it, but it's there.

Yeah, it also depends to the employer.

If the skilled person will be low balled and you're going to accept it then that's on you. But most likely the demand is with them and they're the easiest people that will certainly find a job.

That's why those that don't have a skill yet, it's time to improve your skills and learn something new so that you're going to be bankable and hireable.

[qwertyup23]

To make a living, we must work. In uncertain days like now facing the global economic downturn, a stable job with high income becomes a scarcity. A side job or business seems like more necessary than ever, which can minimize the risks of losing your current job, ending up pennyless. However, a side job/business also takes time and efforts and can never be attained whenever we need it. What did you do or will you do in order to ensure your finanical stability despite all unfavorable circumstances ?

As someone who lives in a third-world country where every penny counts, having a side job/business is considered both an opportunity and a privilege. As soon as you earn your own money on the sideline, you would realize the importance of money as you progress to your daily tasks.

I remember back in college, I was struggling to purchase my own books. I wanted to ask my father (single dad with 4 children) for money but I know that the priority was catered towards my younger siblings. Fortunately, I came across this forum due to my old friend recommending me to try it out.

Fast forward to five (5) years from now, I have joined various and multiple campaign signatures and definitely helped me financially in purchasing my own educational materials. I guess without the convenience of working online, I would not have a relatively easier time compared if I did not learn about this forum and the opportunities it introduced.

[tygeade]

I good investment is more preferably than kill your back on two or three jobs. The chances of failing on both due to exhaustion is more than becoming an expert in one job and earn more as a professional. Train one thing, become a master of it and set your own price for your work and experience. That is more stability than balancing between two jobs.

Unfortunately not all type of jobs are like that. If you work in service industry for example, being the best ever waiter couldn't really bring you to a great level, you can't really become great at it and then start earning a lot. Sure, maybe you get a lot more tips than other people if you are lucky but that's about it, it is not enough at all.

I personally believe that having a second job that has a skill set that can scale to a high level is a lot more important. Most obvious and common example of this is coding, I am not saying learn how to code, but have a skill like that, which you could scale to millions of dollars if you are great, and even if you don't, at least earn enough to supplement your income.

[Pamadar]

To make a living, we must work. In uncertain days like now facing the global economic downturn, a stable job with high income becomes a scarcity. A side job or business seems like more necessary than ever, which can minimize the risks of losing your current job, ending up pennyless. However, a side job/business also takes time and efforts and can never be attained whenever we need it. What did you do or will you do in order to ensure your finanical stability despite all unfavorable circumstances ?

Side jobs are always an edge to make ends meet more possible and to gain financial stability, especially in the present economic situation wherein everyone is struggling with money. So we need not to focus only on a single job but learn to embrace more jobs as long as you can manage your time, and you have the capabilities and skills to work on it. While most of the people are facing financial struggles, some wise men too are embracing a lot of opportunities to earn and gain outside their main job. Its more on a matter of proper time management.

Learning to maximize both time and skills will create you a good perception in finding the right side job or extra income aside from your current day job.

If you are keen in learning and you are good at adjusting yourself, it will provide stability in terms of financial
aspects, if you have a good mindsets and you are keen to learn more and to achieve more, financial needs
can be covered and you will be able to have a better financial resources.

[Minor Miner]

This is a tough question since when the pandemic hits business and also your employment is in the verges to be ended. Having savings is the answer to those unfavourable circumstances because whether your business is booming your salary is big but when Covid hits when you lose your job you will not be getting money on it same with the business but if you have savings that will last you for few more years then for sure you are still stable but having a business are you can save a lot after all the efforts you've done and your business will start to self sustain since the profit on it is huge unlike in job that it takes few years to have a small increase.

That is correct -our lives have been affected by the COVID and I am still not being able to settle myself.
I don't search for jobs anymore because I have lost trust in jobs. I want to run my small business. .. and would never work for anyone else - that is for sure

I don't know why when you lose faith in your jobs, but just for that reason, you want to start your own business while you're not ready, it's definitely a wrong decision. Starting a small business is not difficult, but the problem is how to maintain and make a profit. Many people get bored working for others and decide to start a business, but most fail. Because to become a business owner, no matter how big or small, you need a lot of factors.

[Savemore]

I good investment is more preferably than kill your back on two or three jobs. The chances of failing on both due to exhaustion is more than becoming an expert in one job and earn more as a professional. Train one thing, become a master of it and set your own price for your work and experience. That is more stability than balancing between two jobs.

Unfortunately not all type of jobs are like that. If you work in service industry for example, being the best ever waiter couldn't really bring you to a great level, you can't really become great at it and then start earning a lot. Sure, maybe you get a lot more tips than other people if you are lucky but that's about it, it is not enough at all.

I personally believe that having a second job that has a skill set that can scale to a high level is a lot more important. Most obvious and common example of this is coding, I am not saying learn how to code, but have a skill like that, which you could scale to millions of dollars if you are great, and even if you don't, at least earn enough to supplement your income.

Some people don't understand that we can do side job where we can earn more by using set of skills, but these set of skills are unique that should be invested, researched and committed. I have a part time job where I only spend 3 hours every day and my salary is more higher than the minimum wage earner in my country. I do not want to exchange my time for small salary because I have unique skill sets that can give me more opportunity. It is really good to find a side job that is really suitable for you, just make sure that you can still have time and financial freedom if you apply for your side job.

[xSkylarx]

I good investment is more preferably than kill your back on two or three jobs. The chances of failing on both due to exhaustion is more than becoming an expert in one job and earn more as a professional. Train one thing, become a master of it and set your own price for your work and experience. That is more stability than balancing between two jobs.

Unfortunately not all type of jobs are like that. If you work in service industry for example, being the best ever waiter couldn't really bring you to a great level, you can't really become great at it and then start earning a lot. Sure, maybe you get a lot more tips than other people if you are lucky but that's about it, it is not enough at all.

I personally believe that having a second job that has a skill set that can scale to a high level is a lot more important. Most obvious and common example of this is coding, I am not saying learn how to code, but have a skill like that, which you could scale to millions of dollars if you are great, and even if you don't, at least earn enough to supplement your income.

Some people don't understand that we can do side job where we can earn more by using set of skills, but these set of skills are unique that should be invested, researched and committed. I have a part time job where I only spend 3 hours every day and my salary is more higher than the minimum wage earner in my country. I do not want to exchange my time for small salary because I have unique skill sets that can give me more opportunity. It is really good to find a side job that is really suitable for you, just make sure that you can still have time and financial freedom if you apply for your side job.

Even if you have a skills it is still difficult to find side jobs that is suitable to your skills as a lot of people right now is also looking into this. Thats good for you that you have that huge side job where as others are just small and some sort of just enough to buy their needs. But having skills really an advantage as you can apply on to your niche rather than you don't have any skills which is difficult . I also have side job right now and I wouldn't say big or small but it really helps me a lot in our daily needs.

[Aanuoluwatofunmi]

There's this one thing i will always like about side jobs, it gives you chance and every opportunity needed to engage doing other things in place, this does not place restrictions on you but rather help develop different areas of applicable potentials in life career, side job is meant to be an additional source of income to us which will serve an alternative and backups whenever there's little challenges in whatever thing we fo for a living, it also gives room to multitask oneself into doing diverse menial jobs as to serve source of an additional income.

[Spacewalker]

I don't know why when you lose faith in your jobs, but just for that reason, you want to start your own business while you're not ready, it's definitely a wrong decision. Starting a small business is not difficult, but the problem is how to maintain and make a profit. Many people get bored working for others and decide to start a business, but most fail. Because to become a business owner, no matter how big or small, you need a lot of factors.

In general, doing business is not suitable for everyone and requires a certain temperament, so really having a job is a more reliable option for many. Also, let's not forget about the risks, including financial and property, that we have to take on ourselves. In the case of hired labor, the risks are not on you. Although, of course, in the case of a successful result, the income from your own business can be an order of magnitude higher than other options. Nevertheless, in most cases, Covid still strikes at traditional types of business and to a lesser extent contributes to the emergence of new types of business.

[Vaculin]

To make a living, we must work. In uncertain days like now facing the global economic downturn, a stable job with high income becomes a scarcity. A side job or business seems like more necessary than ever, which can minimize the risks of losing your current job, ending up pennyless. However, a side job/business also takes time and efforts and can never be attained whenever we need it. What did you do or will you do in order to ensure your finanical stability despite all unfavorable circumstances ?

Side jobs will always be advantage for us because it creates additional income for us especially if we are also doing great aside from our main job. Though it may also get some of our free time, but I think once we see the results and become profitable, I think that reason alone gives us satisfaction. Although it would be hard in the beginning, but as long as we can manage our time and develop our skills into it, being financially stable in the long run will always be possible.

[Sanitough]

To make a living, we must work. In uncertain days like now facing the global economic downturn, a stable job with high income becomes a scarcity. A side job or business seems like more necessary than ever, which can minimize the risks of losing your current job, ending up pennyless. However, a side job/business also takes time and efforts and can never be attained whenever we need it. What did you do or will you do in order to ensure your finanical stability despite all unfavorable circumstances ?

Yes it is. Side jobs take also most of our time and efforts but the result would also be satisfying as you can be more financially stable and earn multi sources of income. However, if you only focus on your own job because you think that’s taking the most of your time, then think of it. No one would get financial stability and financial freedom if you remain an employee for the rest of your life. You need to venture on something new and go out from your comfort zone. That way, you will be surprised that the best jobs are not what you have right now, that’s why you have to grab the best of the best.

[Fatunad]

To make a living, we must work. In uncertain days like now facing the global economic downturn, a stable job with high income becomes a scarcity. A side job or business seems like more necessary than ever, which can minimize the risks of losing your current job, ending up pennyless. However, a side job/business also takes time and efforts and can never be attained whenever we need it. What did you do or will you do in order to ensure your finanical stability despite all unfavorable circumstances ?

Yes it is. Side jobs take also most of our time and efforts but the result would also be satisfying as you can be more financially stable and earn multi sources of income. However, if you only focus on your own job because you think that’s taking the most of your time, then think of it. No one would get financial stability and financial freedom if you remain an employee for the rest of your life. You need to venture on something new and go out from your comfort zone. That way, you will be surprised that the best jobs are not what you have right now, that’s why you have to grab the best of the best.

Time management is the key and if you dont want a life which is really having a main problem when it comes to financial then you should have done this.It might sounds easy but it is really hard to be done.
No one really likes on having that difficulty when it comes to money and this is why we are really that trying our best to do side jobs if needed or we are really having that kind of plan.
We do want a life which doesnt have any problems when it comes to money.It is really part of daily living or simply part of necessity for us to live and
survive on daily expenses that we are dealing on with.